Morning Gold & Silver Market Report – 2/20/2012
Peter LaTona
2/20/2012 8:03:00 AM
WEEKEND EVENTS PUSH GOLD, SILVER HIGHER
The New York Stock Exchange is closed for President’s Day, but the precious metals market opened at its regularly scheduled time at 5 p.m. (CST) Sunday. Two events over the weekend pushed precious metals prices upward. First, the People’s Bank of China announced it was cutting major lender’s reserve requirements by 50 basis points. The call is to catalyze lending and increase liquidity. Commodities went up across the board, and precious metals prices went right along with them.
Second is the hope that a Greek bailout would be approved later today. The finance ministers from 17 nations are in Brussels, Belgium, discussing a $130 billion-euro ($172 billion U.S.) deal, which would be the second rescue in two years. There is still the question of how much private bond-holders will give up, along with concerns that even if a bailout happens, Greece eventually will default.
Oil futures surged 2 percent Sunday night on reports that Iran already has stopped shipping crude oil to British and French companies. Iran said it would ship this oil to new customers instead. Prices for Brent and WTI oil futures went up in low-volume trading.
At 8 a.m. (CST), the APMEX precious metals prices were:
- Gold - $1,734.70 – Up $9.30.
- Silver - $33.61 – Up $0.32.
- Platinum - $1,650.00 – Up $15.10.
- Palladium - $695.00 - Up $5.90.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
